Our November 2 coverage of the amended S-1 noted that the price range and share count were still blank. Both are now filled in.
The Deal in Numbers
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The share counts and range come from Anthropic's release. The raise and valuation figures are from TechCrunch, which compared the top-end value with the $965 billion valuation from Anthropic's May funding round. CNBC reported that Anthropic was looking toward a $2 trillion valuation until recently, and that some shareholders called even $1.5 trillion a "stretch."
The filing also gave a newer revenue figure: run-rate revenue of roughly $81 billion at the end of October, up $10 billion from a month earlier, according to CNBC.
Suppliers on Both Sides of the Ledger
Alongside the IPO, Anthropic agreed to sell $26 billion of non-voting Class N common stock in a private placement at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. TechCrunch reported that Google and Nvidia are each putting in $10 billion. CNBC noted the placement shares won't be registered in the offering and won't be subject to the underwriters' lock-up. Including the placement, TechCrunch put total estimated net proceeds at $84.6 billion to $93.7 billion.
Several of those buyers also sell Anthropic computing capacity, and the prospectus already lists hundreds of billions of dollars in compute commitments. For anyone trading NVDA, GOOGL, AVGO, AMD, MU, MSFT or TSM options, the IPO price now sets the entry price on a new equity stake in one of their customers. Each of those companies is far larger than its stake, so the stake is unlikely to move their options much on its own. It does add one more thread linking their stocks to how ANT trades after the debut.
Dates Reported So Far
CNBC, citing people familiar with the plan, reported that Anthropic intends to price on November 18 and begin trading on November 19. The same sources said the company is targeting a retail allocation of about 20%, compared with a typical 5% to 10%, and that the book is already covered across the range. Those dates come from unnamed sources, not the filing, and IPO timetables can slip.
How Soon an ANT Options Chain Could Open
Listed options can't trade until the stock does, and the exchanges set a minimum wait. A 2023 SEC approval order for one exchange's rule describes the faster track: for an IPO with a market value of at least $3 billion at the offering price, options can list on or after the second business day after the IPO day. ANT would clear that size test by a wide margin.
If the stock does start trading on Thursday, November 19, the first business day after would be Friday, November 20, and the second would be Monday, November 23. That makes the week of November 23 the earliest window for ANT options. Exchanges decide the actual date and announce it in listing notices, so nothing is set yet. One more calendar point: U.S. markets close for Thanksgiving on Thursday, November 26.
SpaceX followed this path in June. Its shares began trading on Friday, June 12, and Bloomberg reported options would start the following Tuesday. MIAX confirmed a June 16 start on its four options exchanges.
What SpaceX's First Chain Looked Like
Saxo described SPCX's first options session on June 16. It reported at-the-money implied volatility of about 102% in September contracts and about 79% in June 2028 contracts, with zero open interest across every strike, since nothing had traded before. It also reported buying of 65,000 out-of-the-money calls at around 200% implied volatility with two days to expiration.
A new chain usually opens with these traits:
If you are new to how event premium works, our implied volatility primer explains it, and the OCC options disclosure document covers the risks of standardized options.
Sources
*By the OptionsPilot Editorial Team. Published November 10, 2026, 6:23 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
